The Union Budget 2018, presented by the Finance Minister Arun Jaitley on 1 Feb, makes it clear that the government will find ways to end the menace of cryptocurrencies. The FM said that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India.
The FM added that the government does not recognise these deceptive currencies which are traded online as legal tender and will instead encourage block chain technology in payment systems.
The FM said: “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”
The statements of the government were much awaited, which has finally come with the Budget.
Commenting on the statement, Monish Panda, founder of Monish Panda & Associates law firm, said: “The government will now either come out with a legislative mechanism or make suitable amendment in existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation. We will have to wait and watch as to what will be the final framework of such legislation.”
The FM said: “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”
The statements of the government were much awaited, which has finally come with the Budget.
Commenting on the statement, Monish Panda, founder of Monish Panda & Associates law firm, said: “The government will now either come out with a legislative mechanism or make suitable amendment in existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation. We will have to wait and watch as to what will be the final framework of such legislation.”
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